Over the past few days the stock market has tried to rally early in the day only to fall back to deeper and deeper losses. Many pundits are saying that we may be in for a prolonged period of bad times. Luckily we all have short memories and a little while after hearing the doom and gloom we start to buy and the market returns on it's upward slant.
Unfortunately we also have a moron in the White House who, along with his idiot Fed Chairman Bernanke seems to enjoy stopping prosperity for the masses. Every time the market has shown signs of life in the 'bull' sense of the word Bush and Bernanke (henceforth to be known as B&B) announce a new economic stimulus package and the market heads for the hills.
But stimuli are good, right?
Of course that's right.
Unless the stimulator is also the 'Decider.' The same man who has proven himself to be decidly stupid when it comes to, well just about anything.
The last stimulus package B put forward was back in his first year. He annouced tax rebates which returned around $400 to every household in America. This money was to be spent at the malls and thereby put back into the economy. Naturally in this world of no free lunch the money that was rebated was also taxed the following April so any household that spent it had to then scramble to pay the piper.
Wall Street and the average investor on the regular street are way too smart to be fooled by the same flim flam again. In the words of a World leader, "Fool me once, shame on, uh, shame on you. Fool me, uh, umm, you can't get fooled again." So as soon as B&B made the annoucement that they were looking into stimulating the economy the Dow dropped faster than an English teacher's jaw listening to a Bush speech.
The Dow started to recover and then B&B explained their package.
The Dow was up 160 points at 10am on Friday January 18th. Then B&B opened their respective mouths and the Dow lost 320 points in less than two hours.
Will it recover? Of course it will. After all we do have short memories. Unfortunately we also have 10 more months of B&B idiocy.
In the words of all the Bush supporters who wanted him as President because he was good to have at a barbecue, May God help us!